While Ripple saw a major pullback on Monday, Ethereum reclaimed its spot as the second largest cryptocurrency by market cap. As we predicted a while ago, Ethereum reached and surpassed our $1,000 profit target last week. But as it goes with all cryptocurrencies, this doesn’t mean that another pullback won’t be coming our way again.
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ETH/USD Price Action
ETH/USD remains strongly above the bullish Ichimoku cloud. With the resistance above $1,200, the next pullbacks could be towards key Fibonacci retracement levels at $971 and $817 respectively.
The $817 level is especially important because it acted as a key resistance back in December.
What’s Next for Ethereum?
Some experts believe Ethereum could eventually overtake Bitcoin as the most important cryptocurrency. While Bitcoin could be thought of as a crypto reserve currency, Ethereum is a blockchain platform that has smart contracts that can be built on top of it. So anything from equities to fixed income to machine learning can be built on top of Ethereum.
Ethereum’s recent rally means the cryptocurrency now has a market capitalization of $118 billion. That is 15% of the entire cryptocurrency market.
Ethereum Co-creator says ETH’s Value Could Triple
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